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Warning on Advance Fee Fraud
It has come to the attention of the Law Society that a company purporting to provide financial services (including the purported arrangement of loans) has sought to enter into a business association with a number of firms of practising solicitors both in Dublin and in other parts of the country.
The modus operandi of this company is to request in advance a loan negotiating fee. The loan as proposed does not then materialise and the would-be borrower finds himself at the loss of the advance fee so paid. Solicitors and their clients should be wary of situations where such a negotiating or other fee is sought in advance of the drawdown of a loan and should take all steps necessary to verify the bona fides and authenticity of persons proposing such transactions.
